Saudi Ceramic Plans New Factory and Announces Financial Results
Saudi Ceramic produces more than 42 million m2 of ceramic tiles and more than 3,6 million pieces of decorative tiles from its factories in Riyadh, covering an area of 100 ha.
The company is to built a second factory to produce bathroom fixtures with a capacity of 36 000 t/a as its expansion plans continue. Construction of the first phase will begin at the start of 2012, with production forecast to begin in the first half of 2013 reaching a level of 18 000 t/a. The listed company will invest USD 32 million in the first phase. It is the latest new facility to be launched this year as it aims to capitalise on the high levels of construction activity and forthcoming plans in the kingdom, particularly from the 250 000 houses to be built up to 2015. The company also completed its final phase in the construction of a 4th tile factory, which will produce 9 Mm2 of ceramic tiles, expecting the facility to add an extra 10 Mm2 to capacity and SAR 150 million to revenue when fully operational. Saudi Ceramic also announced its interim consolidated financial results for the period ended 30.09.2011. The company generated a consolidated net profit for the 3rd quarter amounting to SAR 54,2 million an increase of 17,3 % compared to the same period last year (SAR 46,2 million) and a decrease of 17,1 % compared to the 2nd quarter 2011. The total gross profit for the 3rd quarter amounted to SAR 107,5 million an increase of 19,2 % compared to the same period last year. The operating profit for the 3rd quarter amounted to SAR 55,7 million an increase of 15 % compared to the same period last year. The net profit amounted to SAR 179,5 million an increase of 10 % compared to the same period last year. The total gross profit amounted to SAR 337,4 million an increase of 16 % compared to the same period last year. The operating profit amounted to SAR 188 million an increase of 14 % compared to the same period last year (10/2011).